The Kingdom of Bhutan, a Buddhist country in South Asia continues to stack Bitcoin holdings and now owns 13,380 Bitcoins worth $905 Million.
According to Arkham Intelligence, the South Asian country has been quietly hodling and in the past 17 hours bought 3.33 (worth $225K, at the time of writing) Bitcoin from Foundry Digital. Additionally, a day ago, Bhutan was awarded 7.337(which is worth $497K) Bitcoin as a mining reward.
Founder of Lyn Alden Investment Strategy, Lyn Alden pointed out Bhutan’s strategy for Bitcoin holdings and wrote on X, “Bhutan has a lot of hydro energy, so they’re just out here quietly mining bitcoin with it and stacking it at the sovereign level.” The hodling was hailed by Bitcoin maxis and crypto enthusiasts alike, one of the X s also highlighted how the country with low population has managed to make BTC per capita ratio at about $1140, with its strategic Bitcoin reserve.
Bhutan has population of 792.000 which makes its BTC per capita ratio at about $1140. In current prices. No other country will ever be able to reach that level. No chance.
To compare, US has about ~ $30 per capita in BTC. has $0.— alexfilippov.eth ∞ 🇬🇪 (@Alex_Luxiano) October 27, 2024
Apart from Bitcoin, the country also holds 656.039 ETH Ethereum which is worth $1.63 Million.
A month ago, on September 16, Bhutan reportedly held nearly 13,011 BTC worth around $780.49 million, according to a report by Arkham Intelligence.
Bhutan’s earliest tryst with Bitcoin began with Bitcoin mining in April 2019, when the cryptocurrency was valued at nearly $5,000. The country’s sovereign investment arm, Druk Holding & Investments, had confirmed to local media that it “entered the mining space” around this time.
Bhutan’s Bitcoin reserve strategy is especially ambitious and far-sighted given the country’s size and huge energy sources- the country’s rivers originate from Himalayan glaciers which provide significant hydropower potential, and this hydropower s for 30% of Bhutan’s GDP. In fact, 99.5% of the country’s electricity was fueled by hydropower in 2003. With strategic use of its hydropower to mint digital gold, the country is setting a precedent for other countries including its neighbor, India, that is also witnessing rising crypto adoption despite its regulatory barriers.
